Christopher J. Ailman

speaker

229 appearances 1 recordings 1 series first heard Feb 2026 last heard 3 Feb

Christopher J. Ailman’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Feb 2026 with 1.

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How I Invest with David Weisburd · E296: Former CIO of CalSTRS on Why LPs Overpay for ‘Innovation’ · 3 Feb 2026 podcast

They probably won't stay because I'll probably lose them to somebody else that will pay more.

But what I found most critical is if a culture produced alpha, when that culture started to change, the alpha disappeared.

And it's really hard to see that because you have to be on the ground with that team.

But when you talk to people after a firm is blown up, you realize how things changed from talking about stocks to suddenly talking about wealth management and tax projects to

and that people get rich and suddenly that alpha disappears.

I'll push back on your idea that there are, you know, if you have a sole leader at the top, I can think of one that comes to mind and that's Berkshire Hathaway.

And we all know up until this year, who made decisions there seem to be incredibly successful, but obviously not repeatable because there's not a whole lot of them.

So a decentralized model, I think brings the best of everybody's mind together and you get the best of the team, a centralized model.

does one thing, protect the center.

I found personally, I didn't have God's single wisdom about which way the market was going to go.

And what I found was valuable was constantly checking in with lots of different groups and different asset classes to get their feeling on the market.

Where's the best opportunities?

Because they were specialists in their reflective fields and bringing them together and smashing them together, came up with some very clever ideas and some good thinking.

I remember particularly in a crisis in 08, we created what we called the ER team.

We had the fixed income team debating TARP transactions.

We had the real estate team debating acquisitions.

We had the private equity team figuring out their capital flows and exits or entrances.

And I think that brought people together.

It's difficult to be an expert in all the asset classes.

It's better to specialize in one, but then to get those specialists to work together as a team.

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